Mobile contactless payments set to surge across UK: MasterCard
One-quarter of British consumers intend to make a contactless payment with their smartphone in the next 12 months, according to MasterCard
One in 20 people are already making NFC mobile payments once a week or more despite the relative infancy of the technology in the country.
“Now with more mobile handsets enabled for contactless payments, reservations are beginning to disappear, and in fact as many as 13% of British consumers have no reservations at all,” the company said in a press statement.
“The most common fear is losing our device. 65% of people worry that if their device falls into the wrong hands someone can use it to buy things with their money,” the statement added.
MasterCard UK & Ireland head of digital payments Elliott Goldenberg said: “We have built the secure foundations for these payments across our network. You can load your MasterCard onto your device through Android Pay, confident in the knowledge that it gives you all the benefits and consumer protection of a card transaction. Our research shows that 1 in 3 people intend to link to their credit card for that reason.
“Mobile phones offer people the means to make contactless payments over £30 because the user can be verified, for example by means of their fingerprint. The other key difference is the use of digital tokens – in short, your card details aren’t passed onto the retailer because they are not stored on the phone in the first place. As consumers increasingly recognise these benefits, mobile payments will begin to see the kind of growth that contactless has had over the last two years,” he added.